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2 results on '"MARKET PRACTITIONERS"'

1. Accounting Vouchers and Principles of Bookkeeping : Expectations in 21st Century

Author

Olszewska, Irena and Wołczyńska, Monika

Subjects
WAREHOUSE, SOCIAL INSURANCE FUND, POOLING OF INTERESTS, INVESTMENT, IMAGE, VALUATION, TAX, PENSION FUNDS, BANKING SYSTEM, INVENTORY, TRADE UNIONS, COMMERCIAL CONTRACTS, INSURANCE COMPANIES, CASH BALANCES, LIQUIDATION, DEPRECIATION, IMPLEMENTATION, CRITERIA, STOCKS, INFORMATION TECHNOLOGY, CASH PAYMENTS, CREDIT UNIONS, PAYROLL, TERRORISM, BANKING LAW, ACCOUNTING STANDARD, MARKET PRACTITIONERS, ACCOUNTING POLICIES, DUE DILIGENCE, STOCK, PERSONAL INCOME, COMMERCIAL CODE, RETURNS, BALANCE SHEETS, PENSION, OPTIONS, BUSINESS, GUARANTEE, FINANCIAL MARKET, TRANSACTIONS, AUDITING, FRAUD, GOODS, LOANS, AUDITORS, BOOKKEEPING, FINANCIAL REPORTING STANDARDS, SETTLEMENT, ACCOUNTING STANDARDS, CHECK, INTERESTS, PENSIONS, HOLDING, MARKETS, CREDITORS, COMMERCIAL LAW, PROFIT, NOTARY, STATUTORY AUDITORS, FINANCE, ACCOUNTING PROCEDURES, INVENTORY OF ASSETS, FINANCIAL STATEMENTS, QUALITY, INTANGIBLE ASSETS, PROPERTY RIGHTS, ACCOUNTS, LIABILITIES, COMMON LAW, BALANCE SHEET, BILLING, SECURITIES LAW, INCOME TAXES, ACCOUNTING PRACTICES, DEBT, BILLS, VALUE OF ASSETS, MAINTENANCE, ACCOUNTING PRINCIPLES, ACCOUNTING SERVICES, MARKET, DURABLE, PROPERTY, OWNERSHIP, FOREIGN ENTERPRISES, RETURN, RESOURCES, FINANCIAL INFORMATION, TAX OBLIGATION, CURRENCIES, SELLING, FIXED ASSETS, FINANCIAL YEARS, CREDIBILITY, ACCOUNT, CUSTOMERS, BANKRUPTCY, REPORTING, TAX OBLIGATIONS, LIMITED LIABILITY, EXCHANGE, BILLS OF EXCHANGE, ACCOUNTING, LEGAL SYSTEM, INCOME TAX, EXPENSES, ACCOUNTANTS, SECURITY, FOREIGN MARKETS, COST, ACCOUNTING SOFTWARE, AMORTIZATION, ACCOUNTING SYSTEMS, SALE OF PROPERTY, FINANCIAL SYSTEM, PAYROLL RECORDS, LIABILITY, EXCHANGE RATE, GOOD, FOREIGN CAPITAL, EQUIPMENT, ACCOUNTANCY, INSURANCE, REVENUE, CURRENCY, TURNOVER, SETTLEMENT PERIODS, TAXES, EQUITY, BANK LOANS, FOREIGN CURRENCIES, OPTION, PUBLIC FINANCE, LOSS STATEMENT, SECURITIES, INTERNATIONAL BANK, CASH TRANSACTIONS, IMMOVABLE PROPERTY, FUTURE, CONTRACT, DEED, ACCOUNTING THEORY, GLOBALIZATION, COOPERATIVES, SALES, ISSUANCE, CONTRACTS, ACCOUNTANT, INVESTMENT FUNDS, ACCOUNTING RECORDS, AUDITED FINANCIAL STATEMENTS, STATEMENT REQUIREMENTS, INTEREST, INTANGIBLE, TRADING, FUND ACCOUNTING, CASH FLOWS, REVENUES, FINANCIAL STATEMENT, ACCOUNTING DOCUMENTS, CIVIL CODE, SHARE, FOREIGN CURRENCY, FINANCIAL REPORTING, AUDIT, PHYSICAL SECURITY, INTERNATIONAL CAPITAL, TRANSACTION
Abstract

The current regulations and practices related to accounting vouchers and bookkeeping in Poland, including cross-cutting tax regulations, were assessed and compared with selected EU countries (France, Germany and UK). The study was undertaken at the request of the Polish Ministry of Finance, and funded under the Financial Reporting Technical Assistance Program (FRTAP), to contribute to efforts to enhance harmonization with other relevant regulations, reduce unnecessary requirements and red tape for entities (especially SMEs and micro entities), and to reflect current and potential future technology changes whilst retaining control over diligence and quality of bookkeeping. The content, quality and scope of legislation in this area was found to be generally good. In contrast to the other countries studied, however, it takes a detailed, prescriptive approach. The report suggests moving away from setting detailed requirements and towards the development of a clear general framework. This would help preserve the quality of bookkeeping and accounting practices but reduce the need for continuous amendments to regulations to keep pace with changing circumstances, for example technological changes. It would also create space for more liberalization and greater flexibility for market practitioners and would be in keeping with the approach adopted in the other countries looked at. The report identifies gaps and inconsistencies in the areas of accounting policy and maintenance of books; accounting vouchers; financial statements; storage; provision of bookkeeping services; and information technology (IT) and makes a number of suggestions to address these.

Published
2015

2. Repo Markets : Background Note

Author

World Bank

Subjects
REPO TRANSACTION, RETAIL INVESTORS, TAX PROVISIONS, RESERVE REQUIREMENTS, EMERGING MARKET COUNTRIES, INVESTMENT, GLOBAL MARKET, BOND DEFAULTS, SALE OF SECURITIES, DEPOSIT, COLLATERAL RISK, LIQUIDATION, EMERGING MARKET, MONEY MARKETS, SECURITIES DEALER, EQUITIES, MARKET PRACTICES, REPO RATE, FEDERAL RESERVE, SECONDARY MARKET LIQUIDITY, LEGAL TRADITIONS, STOCK, REPO AGREEMENTS, INVESTORS, COLLATERAL, COUPONS, MARK-TO-MARKET, BONDS, TRANSACTIONS, MARKET ENVIRONMENT, RISK FACTORS, CREDIT LINES, DEBT MANAGEMENT AGENCY, BROKER, REPO TRANSACTIONS, INTERESTS, TRANSPARENCY, EMERGING MARKETS, REPO, FINANCIAL MARKETS, STATUTORY LAW, INSTITUTIONAL INVESTORS, HOLDING, BORROWERS, LEGAL TRANSACTIONS, DEPOSITS, USE OF REPO, MARKETS, CREDITORS, BID, PROPERTY RIGHTS, DOMESTIC MARKETS, FIXED INCOME, SWAPS, SETTLEMENT SERVICES, OVERNIGHT REPOS, SWAP, MONETARY POLICY, LIQUIDITY, INTEREST RATES, CREDIT RISK, CUSTODY ARRANGEMENTS, CASH MANAGEMENT, MARKET, PROPERTY, FIXED INCOME MARKETS, CENTRAL DEPOSITORY, SECURITIES EXCHANGE, LOCAL MARKET, LIQUIDITY RISKS, USE OF REPOS, EFFICIENT MARKET, MARKET PRICES, COLLATERALIZATION, DEPOSITORY INSTITUTION, MUTUAL FUND, MARKET COUNTRIES, PORTFOLIO, CREDIT RISK EXPOSURES, BANKRUPTCY, LEGAL SYSTEM, LENDER, SECURITY, MARKET PARTICIPANTS, DERIVATIVES, CAPITAL MARKETS, REPOS, CREDITWORTHINESS, SECURITIES MARKETS, CONTRACT LAW, RISK EXPOSURES, SECONDARY MARKET, MARKET PARTICIPANT, LIABILITY, GOOD, REPO AGREEMENT, BOND MARKET, CURRENCY, BOND, GOVERNMENT SECURITIES, ASSET MANAGERS, EQUITY MARKET, BANKRUPTCY COURT, LOAN, MARKET PLAYERS, MUTUAL FUNDS, REINVESTMENT, FINANCIAL DEVELOPMENT, SECURITIES, MATURITY, FUTURE, LIQUID ASSET, BUY BACK, LIABILITY MANAGEMENT, CENTRAL BANKS, CONTRACTS, INVESTOR, MARKET INFRASTRUCTURE, COUPON PAYMENT, TRADING, GOVERNMENT DEBT MARKET, LEGAL ENVIRONMENT, T-BILL, LIQUIDITY RISK, GOVERNMENT BOND MARKET, CENTRAL DEPOSITORIES, LOCAL CURRENCY, SECONDARY MARKET ACTIVITY, GOVERNMENT DEBT MARKETS, RISK EXPOSURE, TRANSACTION, GOVERNMENT PAPER, VALUATION, TAX, INVENTORY, GOVERNMENT DEBT, CASH BALANCES, CUSTODY, SOVEREIGN ISSUERS, DEBT INSTRUMENT, OPEN MARKET, MATURITIES, CREDITOR, DOMESTIC MARKET, SECURITIES HOLDINGS, LENDING, BANK PAYMENT, INSTRUMENT, BANK INVESTORS, MARKET PRACTITIONERS, FIXED INCOME MARKET, SECURITY INTEREST, DEBT MARKET, GOVERNMENT BONDS, PLEDGES, MARKET LIQUIDITY, LOANS, DIRTY PRICE, SETTLEMENT, RISK MANAGEMENT, CHECK, FACE AMOUNT, PAYMENT SYSTEM, BOOK-ENTRY, EXCHANGES, INVENTORIES, BORROWER, PRIMARY DEALERS, MARKET STRUCTURE, FINANCE, DEBT MARKETS, INTERNATIONAL MARKETS, INTERNATIONAL BOND, STOCK EXCHANGE, COMMON LAW, MARKET VALUE, DEBT INSTRUMENTS, DEFAULTS, ACCEPTABLE COLLATERAL, T-BILLS, INSTRUMENTS, INTEREST RATE RISK, DEBT, INDIVIDUAL CREDITORS, CREDIT LINE, BOND MARKETS, MARKET TRANSPARENCY, SETTLEMENT SYSTEM, BANKRUPTCY PROCEDURES, TREASURIES, CAPITAL ADEQUACY, CENTRAL BANK, RETURN, CLEAN PRICE, MARKET DISCIPLINE, COUPON, NATIONAL BANK, JUDICIAL SALE, REPO MARKET, PRIMARY MARKET, BANKRUPTCY COURTS, CAPITAL MARKET, CDS, REINVESTMENT RATE, RETAIL INVESTOR, TREASURY SECURITIES, COUPON PAYMENTS, EXCHANGE, ACCOUNTING, PORTFOLIOS, DEPOSIT ACCOUNTS, VALUATIONS, MARKET DEVELOPMENT, DEBT MARKET DEVELOPMENT, LOCAL MARKETS, ARBITRAGE, LOAN MARKET, RESERVE, PRIVATE INVESTORS, TURNOVER, HOLDINGS, EQUITY, TREASURY, RISK CONTROL, GOVERNMENT BOND, MARKET CONDITIONS, MARKET PRICE, PRICE VOLATILITY, DEFAULT, DEBT MANAGEMENT, MONEY MARKET, SECURITY INTERESTS, REPO MARKETS, REPO RATES, CONTRACT, MARKET PRACTICE, MARKET RISK, INTEREST, FINANCIAL COLLATERAL, LEGAL FRAMEWORK, CASH FLOWS, CIVIL CODE, OVERNIGHT REPO, INTERNATIONAL BOND MARKET, CIVIL LAW, SHARE, INTEREST RATE, FOREIGN CURRENCY, BANKRUPTCY LAW, YIELD CURVE
Abstract

Repo markets are an essential component of liquid Government debt markets, acting as a transmission belt between money and debt markets, as well as serving to conduct key functions for the efficient operation of debt markets. These include, among others, credit risk management, funding debt portfolios, playing the yield curve, and covering short positions and settlement fails. The hybrid nature of a repo between a collateralized loan and a full transfer of ownership makes it a very versatile instrument for a broad range of market participants with very different business models. However, this is at the same time the reason for its complexity. This note addresses the legal, structural, accounting, tax, regulatory and infrastructure factors that are decisive for repo market development. The legal and infrastructure factors that underpin repo markets functionality are evolving ones and may be different depending on the country. The perspective adopted in this note intends to provide a balanced account of both the conceptual issues in each topic and relevant country cases, with the objective of providing policy makers with analytical tools to address their country specific context.

Published
2010

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